The Central Bank of Nigeria,says it did not ban commercial banks from paying customers the new notes over the counter.
It explained that that the directive to the banks to dispense new notes via Automated Teller Machines (ATM) was to complement over-the-counter transactions and increase the circulation of the redesigned notes.
It also dismissed speculations over the insufficiency of the new notes in the Deposit Money Banks (DMBs), saying the banks have enough new notes to circulate across the nation ahead of the January 31 deadline when old notes will cease to be a legal tender
Speaking recently,spokesman of CBN,Mr. Osita Nwanisobi, disclosed said adequate plans are in top gear to boost the circulation of the new notes in Nigeria.
According to him,speculations that the banks did not have enough new notes for circulation were false.He urged the general public to continue to use the old notes as they remain legal tender, adding that the new notes would be adequately circulated.
He added that the old notes are more prominent in the banking halls because they are still in circulation and remain legal tender, stressing that banks have an adequate supply of the required quota of new notes at the moment.
On the directive to the banks to load ATMs with the new notes, Nwasinobi explained that the directive didn’t categorically ban over-the-counter transactions but was issued as a persuasion to dispense via ATMs to increase circulation.
He added:“There is what we call moral suasion; we had a meeting with the banks and we all agreed that we can begin to put the new notes in the ATMs so that people would see and boost circulation.Yes, you can say it is a directive. We keep reviewing and my worry is by next week when new notes are being paid across the counter people would say they are flaunting. “We had a meeting and we had moral suasion because people are complaining they are not seeing new notes. So, that also doesn’t mean that banks cannot pay over the counter.
“The CBN is concerned about claims by Nigerians that they have not come in contact with new notes and we have directed the banks to ensure that they load their ATMs with new notes. This would ensure quick and wider circulation across Nigeria. I never said they shouldn’t pay across the counter,” he clarified.
He also spoke on the complaints that the deposit money banks do not have access to new notes,saying: “That position is not entirely correct. We have enough supply in line with the intent for the period. The old notes remain a legal tender until the January 31st so it would still be in circulation.”